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Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Auto Financial Corporation | NASDAQ:STFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.01 | 50.34 | 98.89 | 0 | 01:00:00 |
State Auto Financial Corporation (NASDAQ:STFC) today reported fourth quarter 2019 net income of $32.7 million, or $0.72 per diluted share versus a net loss of $24.5 million, or $0.57 per diluted share, for the same 2018 period. Net income from operations1 per diluted share for the fourth quarter of 2019 was $0.29 versus $0.67 for the same 2018 period.
For the year ended 2019, STFC had net income of $87.4 million, or $1.96 per diluted share, compared to net income of $12.8 million, or $0.29 per diluted share, for the same 2018 period. Net income from operations1 per diluted share for the year ended 2019 was $0.63 versus $1.20 for the same 2018 period.
GAAP Operating Results
STFC’s GAAP combined ratio for the fourth quarter 2019 was 100.4 compared to 94.6 for the same 2018 period. Catastrophe losses during the fourth quarter 2019 accounted for 7.7 points of the 64.2 total loss ratio points, or $24.8 million, versus 2.6 points of the total 56.8 loss ratio points, or $8.1 million, for the same period in 2018. Fourth quarter catastrophe losses included $6.6 million, or 2.1 loss ratio points, of adverse development relating to prior years from Hurricanes Irma and Harvey from the specialty run-off business. Non-catastrophe losses and ALAE during the fourth quarter 2019 included 5.7 points of favorable development relating to prior years, or $18.3 million, versus 7.9 points of favorable development, or $24.4 million, for the same period in 2018.
STFC’s GAAP combined ratio for the year ended 2019 was 102.7 compared to 100.6 for the same 2018 period. Catastrophe losses for the year ended 2019 accounted for 8.0 points of the 67.4 total loss ratio points, or $100.5 million, versus 5.8 points, or $71.7 million for the same period in 2018. Non-catastrophe losses and ALAE for the year ended 2019 included 5.8 points of favorable development relating to prior years, or $72.4 million, versus 6.2 points of favorable development, or $76.6 million, for the same period in 2018.
SAP Personal and Commercial Operating Results
The exit from our specialty insurance business resulted in the elimination of specialty insurance as a reportable segment as we stopped writing this business on a net basis in 2018. Specialty results, labeled as "specialty run-off," are included in the SAP Insurance Segment Results tables below to enable reconciliation to total underwriting results.
Net written premium for the fourth quarter 2019 increased 9.0% compared to the same period in 2018. By segment, net written premium for personal and commercial increased 6.8% and 12.6%, respectively. The increase in the personal segment was primarily due to new business growth and rate increases in homeowners and other personal. Personal auto net written premium declined as a result of lower new business and retention. The increase in the commercial segment was led by new business growth in commercial auto, middle market commercial and small commercial package. Workers' compensation net written premium declined due to continued intense competition in this market.
Net written premium for the year ended 2019 increased 10.2% compared to the same period in 2018. By insurance segment, net written premium for the personal and commercial segments increased 9.1% and 12.0%, respectively. The trends in the personal and commercial segments' net written premium were due to the same factors discussed above for the fourth quarter.
The SAP personal and commercial segments' combined ratio for the fourth quarter 2019 was 97.1 compared to 92.8 for the same 2018 period. Catastrophe losses during the fourth quarter 2019 accounted for 5.6 points of the total 61.9 loss ratio points, or $18.2 million, versus 2.3 points of the total 54.8 loss ratio points, or $6.9 million, for the same period in 2018. Non-catastrophe losses and ALAE during the fourth quarter 2019 included 6.1 points of favorable development relating to prior years, or $19.6 million, versus 7.8 points of favorable development, or $23.3 million, for the same period in 2018.
The SAP personal and commercial segments' combined ratio for the year ended 2019 was 101.2 compared to 98.6 for the same 2018 period. Catastrophe losses for the year ended 2019 accounted for 7.2 points of the total 66.8 loss ratio points, or $89.9 million, versus 6.2 points of the total 63.0 loss ratio points, or $70.3 million for the same period in 2018. Non-catastrophe losses and ALAE for the year ended 2019 included 5.7 points of favorable development relating to prior years, or $71.3 million, versus 7.0 points of favorable development, or $79.7 million, for the same period in 2018.
Book Value and Return on Equity
STFC’s book value increased to $22.01 per share as of Dec. 31, 2019, compared to $21.68 on Sept. 30, 2019. The increase was driven by the market value of our investment portfolio.
Return on stockholders’ equity for the 12 months ended December 31, 2019, was 9.8% compared to 1.5% for the 12 months ended December 31, 2018.
STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter and year as follows:
“Our fourth quarter and year ended 2019 results reflected the challenges we faced during the year in addition to the considerable progress we made toward more consistent profitable performance. While our personal and commercial lines’ 101.2% SAP combined ratio and 10.2% net written premium growth for 2019 didn’t meet our expectations, we made important, significant progress in several areas including surpassing $2.0 billion in net written premium for the State Auto Group which includes all Pooled Companies.
“The lack of an underwriting profit was driven primarily by our personal lines business, where we identified and have closed product and technology gaps, mainly in our auto line. Higher weather losses also significantly impacted our property results. Our homeowners business grew nearly 20% in 2019, a testament to the powerful combination of our digital technology and new product design.
“2019 was an outstanding year for our commercial lines business, which was profitable with a SAP combined ratio of 97.0 and produced 12.0% net written premium growth. This was a remarkable achievement, the result of two years of rebuilding our commercial lines teams and products. At the same time, work continued toward 2020 launches of farm and ranch and middle market commercial on our digital-only platform, State Auto Connect.
“The foundation we’ve built remains strong. We enter 2020 with the products, pricing, technology and agent partners that will drive our success, and the State Auto team has the creativity, passion and persistence needed to win.”
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. STFC stock is traded on the NASDAQ Global Select Market, which represents the top fourth of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC.
1 Net earnings (loss) from operations, a non-GAAP financial measure which management believes is informative to Company management and investors, differs from GAAP net income (loss) only by the exclusion of net investment gain (loss), net of applicable taxes, on investment activity for the periods being reported. For STFC, this amounted to income of $0.43 per diluted share and $1.33 per diluted share for the fourth quarter and year ended Dec. 31, 2019, respectively, versus a loss of $1.25 per diluted share and $0.91 per diluted share for the fourth quarter and year ended Dec. 31, 2018, respectively.
2 Insurance industry regulators require STFC’s insurance subsidiaries to report their financial condition and results of operations using Statutory Accounting Practices ("SAP"). The SAP personal and commercial segments' combined ratio is a measure used by management to evaluate STFC’s operating performance for its ongoing operations.
STFC has scheduled a conference call with interested investors for Thursday, Feb. 20, at 11 a.m. ET to discuss the Company’s fourth quarter 2019 performance. Live and archived broadcasts of the call can be accessed at http://www.StateAuto.com/STFC. A replay of the call can be heard beginning at 2 p.m., Feb. 20, by calling 855-859-2056, conference ID 9569194. Supplemental schedules detailing the Company’s fourth quarter 2019 financial, sales and underwriting results are made available on http://www.StateAuto.com/STFC prior to the conference call.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in State Auto Financial's Form 10-K and Form 10-Q reports and exhibits to those reports, and include (but are not limited to) legislative changes at both the state and federal level, state and federal regulatory rule making promulgations and adjudications, class action litigation involving the insurance industry and judicial decisions affecting claims, policy coverages and the general costs of doing business, the impact of competition on products and pricing, inflation in the costs of the products and services insurance pays for, product development, geographic spread of risk, weather and weather-related events, and other types of catastrophic events. State Auto Financial undertakes no obligation to update or revise any forward-looking statements.
Selected Consolidated Financial Data
Three months ended December 31
Year ended December 31
2019
2018
2019
2018
Net written premiums
$
323.6
$
297.6
$
1,318.1
$
1,210.3
Earned premiums
323.0
308.8
1,253.0
1,238.0
Net investment income
20.0
22.7
80.4
84.9
Net investment gain (loss)
24.0
(67.9
)
74.2
(49.7
)
Other income from affiliates
0.8
0.8
2.4
2.6
Total revenue
367.8
264.4
1,410.0
1,275.8
Income (loss) before federal income taxes
40.3
(32.5
)
107.0
12.9
Federal income tax expense (benefit)
7.6
(8.0
)
19.6
0.1
Net income (loss)
$
32.7
$
(24.5
)
$
87.4
$
12.8
Earnings (loss) per common share:
- basic
$
0.75
$
(0.57
)
$
2.01
$
0.30
- diluted
$
0.72
$
(0.57
)
$
1.96
$
0.29
Earnings (loss) per share from operations (A):
- basic
$
0.31
$
0.68
$
0.66
$
1.21
- diluted
$
0.29
$
0.67
$
0.63
$
1.20
Weighted average shares outstanding:
- basic
43.6
43.1
43.4
42.9
- diluted
44.0
43.1
44.0
43.4
Return on average equity (LTM)
9.8
%
1.5
%
Book value per share
$
22.01
$
18.91
Dividends paid per share
$
0.10
$
0.10
$
0.40
$
0.40
Total shares outstanding
43.6
43.2
GAAP ratios:
Cat loss and ALAE ratio
7.7
2.6
8.0
5.8
Non-cat loss and ALAE ratio
56.5
54.2
59.4
58.5
Loss and LAE ratio
64.2
56.8
67.4
64.3
Expense ratio
36.2
37.8
35.3
36.3
Combined ratio
100.4
94.6
102.7
100.6
(A)Reconciliation of non-GAAP financial measure:
Net income from operations
Net income (loss)
$
32.7
$
(24.5
)
$
87.4
$
12.8
Net investment gain (loss), net of tax
19.0
(53.6
)
58.7
(39.3
)
Net income from operations
$
13.7
$
29.1
$
28.7
$
52.1
Condensed Consolidated Balance Sheets
($ and shares in millions, except per share amounts)
(unaudited)
December 31
December 31
2019
2018
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost $2,080.0 and $2,188.2, respectively)
$
2,127.9
$
2,159.5
Equity securities
395.2
315.0
Other invested assets
69.7
48.8
Other invested assets, at cost
6.5
5.6
Notes receivable from affiliate
70.0
70.0
Total investments
2,669.3
2,598.9
Cash and cash equivalents
78.0
59.8
Accrued investment income and other assets
31.7
32.4
Deferred policy acquisition costs
111.1
101.9
Reinsurance recoverable on losses and loss expenses payable
13.6
5.5
Prepaid reinsurance premiums
7.5
6.6
Due from affiliate
21.5
—
Current federal income taxes
6.3
5.9
Net deferred federal income taxes
42.2
77.8
Property and equipment, net
4.2
7.1
Total assets
$
2,985.4
$
2,895.9
LIABILITIES
Losses and loss expenses payable
$
1,066.5
$
1,146.8
Unearned premiums
649.2
584.2
Notes payable (affiliates $15.2 and $15.2, respectively)
122.0
122.0
Pension and postretirement benefits
72.9
83.0
Due to affiliate
—
22.4
Other liabilities
114.9
119.0
Total liabilities
2,025.5
2,077.4
STOCKHOLDERS' EQUITY
Common stock, without par value. Authorized 100.0 shares; 50.4 and 50.0 shares issued, respectively, at stated value of $2.50 per share
125.9
125.0
Treasury stock, 6.9 and 6.8 shares, respectively, at cost
(117.5
)
(117.0
)
Additional paid-in capital
206.7
194.2
Accumulated other comprehensive loss
(37.9
)
(96.4
)
Retained earnings
782.7
712.7
Total stockholders’ equity
959.9
818.5
Total liabilities and stockholders’ equity
$
2,985.4
$
2,895.9
Condensed Consolidated Statements of Income
($ in millions, except per share amounts)
(unaudited)
Three months ended December 31
Year ended December 31
2019
2018
2019
2018
Earned premiums
$
323.0
$
308.8
$
1,253.0
$
1,238.0
Net investment income
20.0
22.7
80.4
84.9
Net investment gain (loss)
24.0
(67.9
)
74.2
(49.7
)
Other income from affiliates
0.8
0.8
2.4
2.6
Total revenues
367.8
264.4
1,410.0
1,275.8
Losses and loss expenses
207.2
175.3
844.8
796.4
Acquisition and operating expenses
116.8
116.8
442.0
449.8
Interest expense
1.2
1.2
4.9
5.7
Other expenses
2.3
3.6
11.3
11.0
Total expenses
327.5
296.9
1,303.0
1,262.9
Income (loss) before federal income taxes
40.3
(32.5
)
107.0
12.9
Federal income tax expense (benefit):
Current
—
—
(0.4
)
(1.1
)
Deferred
7.6
(8.0
)
20.0
1.2
Federal income tax expense (benefit)
7.6
(8.0
)
19.6
0.1
Net income (loss)
$
32.7
$
(24.5
)
$
87.4
$
12.8
Earnings (loss) per common share:
Basic
$
0.75
$
(0.57
)
$
2.01
$
0.30
Diluted
$
0.72
$
(0.57
)
$
1.96
$
0.29
Dividends paid per common share
$
0.10
$
0.10
$
0.40
$
0.40
Consolidated Statements of Comprehensive Income
($ in millions)
(unaudited)
Three months ended December 31
Year ended December 31
2019
2018
2019
2018
Net income (loss)
$
32.7
$
(24.5
)
$
87.4
$
12.8
Other comprehensive (loss) income, net of tax:
Net unrealized holding (loss) gain on available-for-sale investments:
Unrealized holding (loss) gain
(11.6
)
15.2
80.2
(46.4
)
Reclassification adjustments for gains realized in net income
(0.7
)
(0.3
)
(3.5
)
(2.0
)
Income tax benefit (expense)
2.6
(3.2
)
(16.1
)
10.1
Total net unrealized holding (loss) gain on available- for-sale investments
(9.7
)
11.7
60.6
(38.3
)
Net unrecognized benefit plan obligations:
Net actuarial loss arising during the period
(5.9
)
(4.3
)
(5.9
)
(4.3
)
Reclassification adjustments for amortization to statement of income:
Prior service credit
(1.5
)
(1.5
)
(6.3
)
(6.3
)
Net actuarial loss
2.4
3.3
9.6
13.2
Income tax expense (benefit)
1.0
0.5
0.5
(0.6
)
Total net unrecognized benefit plan obligations
(4.0
)
(2.0
)
(2.1
)
2.0
Other comprehensive (loss) income
(13.7
)
9.7
58.5
(36.3
)
Comprehensive income (loss)
$
19.0
$
(14.8
)
$
145.9
$
(23.5
)
Condensed Consolidated Statement of Stockholders' Equity
($ and shares in millions)
(unaudited)
Year Ended
Year Ended
December 31
December 31
2019
2018
Common shares:
Balance at beginning of year
50.0
49.2
Issuance of shares
0.4
0.8
Balance at end of year
50.4
50.0
Treasury shares:
Balance at beginning of year
(6.8
)
(6.8
)
Issuance of shares
(0.1
)
—
Balance at beginning of year and year ended
(6.9
)
(6.8
)
Common stock:
Balance at beginning of year
$
125.0
$
123.0
Issuance of shares
0.9
2.0
Balance at end of year
125.9
125.0
Treasury stock:
Balance at beginning of year
$
(117.0
)
$
(116.8
)
Shares acquired on stock award exercises
(0.5
)
(0.2
)
Balance at end of year
(117.5
)
(117.0
)
Additional paid-in capital:
Balance at beginning of year
$
194.2
$
171.8
Issuance of common stock
5.1
13.3
Stock awards granted
7.4
9.1
Balance at end of year
206.7
194.2
Accumulated other comprehensive loss:
Balance at beginning of year
$
(96.4
)
$
3.8
Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018
—
(63.9
)
Change in unrealized gain (loss) on available-for-sale investments, net of tax
60.6
(38.3
)
Change in unrecognized benefit plan obligations, net of tax
(2.1
)
2.0
Balance at end of year
(37.9
)
(96.4
)
Retained earnings:
Balance at beginning of year
$
712.7
$
653.2
Cumulative effect of change in accounting for equity securities and other invested assets and reclassification of stranded tax effects as of January 1, 2018
—
63.9
Net income
87.4
12.8
Dividends declared (affiliates $10.4 and $10.4, respectively)
(17.4
)
(17.2
)
Balance at end of year
782.7
712.7
Total stockholders’ equity at end of year
$
959.9
$
818.5
Condensed Consolidated Statements of Cash Flow
($ millions)
(unaudited)
Year ended December 31
2019
2018
Cash flows from operating activities:
Net income
$
87.4
$
12.8
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization, net
9.4
8.9
Share-based compensation
6.1
11.1
Net investment (gain) loss
(74.2
)
49.7
Changes in operating assets and liabilities:
Deferred policy acquisition costs
(9.2
)
8.4
Accrued investment income and other assets
0.7
3.9
Postretirement and pension benefits
(14.5
)
(16.9
)
Reinsurance recoverable on losses and loss expenses payable and prepaid reinsurance premiums
(9.0
)
(2.6
)
Other liabilities and due to/from affiliate, net
(44.9
)
47.6
Losses and loss expenses payable
(80.3
)
(108.8
)
Unearned premiums
65.0
(27.6
)
Deferred tax expense on share-based awards
(0.9
)
0.9
Federal income taxes
20.5
(0.8
)
Net cash used in operating activities
(43.9
)
(13.4
)
Cash flows from investing activities:
Purchases of fixed maturities available-for-sale
(592.6
)
(349.6
)
Purchases of equity securities available-for-sale
(63.4
)
(91.4
)
Purchases of other invested assets
(13.3
)
(1.8
)
Maturities, calls and principal reductions of fixed maturities available-for-sale
386.3
229.8
Sales of fixed maturities available-for-sale
308.8
98.0
Sales of equity securities available-for-sale
45.4
97.8
Sales of other invested assets available-for-sale
1.3
1.2
Net sales of property and equipment
1.6
—
Net cash provided by (used in) investing activities
74.1
(16.0
)
Cash flows from financing activities:
Proceeds from issuance of common stock
5.9
15.4
Payments to acquire treasury shares
(0.5
)
(0.2
)
Payment of dividends
(17.4
)
(17.1
)
Payment of credit facility issue costs
—
(0.4
)
Net cash used in financing activities
(12.0
)
(2.3
)
Net increase (decrease) in cash and cash equivalents
18.2
(31.7
)
Cash and cash equivalents at beginning of period
59.8
91.5
Cash and cash equivalents at end of period
$
78.0
$
59.8
Supplemental disclosures:
Interest paid (affiliates $1.1 and $1.0, respectively)
$
4.8
$
5.7
Net Investment Income
($ in millions)
unaudited
12/31/2018
3/31/2019
6/30/2019
9/30/2019
12/31/2019
Quarter to Date
Gross investment income:
Fixed maturities
$
15.0
$
15.4
$
14.7
$
14.4
$
13.9
TIPS
0.9
(0.3
)
2.6
0.9
0.7
Total fixed maturities
15.9
15.1
17.3
15.3
14.6
Equity securities
4.8
2.8
3.1
3.0
4.3
Other
2.0
1.7
1.4
1.1
1.3
Total gross investment income
22.7
19.6
21.8
19.4
20.2
Less: Investment expenses
—
0.2
0.1
0.1
0.2
Net investment income
$
22.7
$
19.4
$
21.7
$
19.3
$
20.0
Year to Date
Gross investment income:
Fixed maturities
$
60.0
$
15.4
$
30.1
$
44.5
$
58.4
TIPS
5.3
(0.3
)
2.3
3.2
3.9
Total fixed maturities
65.3
15.1
32.4
47.7
62.3
Equity securities
13.4
2.8
5.9
8.9
13.2
Other
7.2
1.7
3.1
4.2
5.5
Total gross investment income
85.9
19.6
41.4
60.8
81.0
Less: Investment expenses
1.0
0.2
0.3
0.4
0.6
Net investment income
$
84.9
$
19.4
$
41.1
$
60.4
$
80.4
12/31/2018
3/31/2019
6/30/2019
9/30/2019
12/31/2019
TIPS, fair value
$
142.3
$
147.0
$
145.2
$
135.3
$
135.6
TIPS, book value
$
141.2
$
140.5
$
137.4
$
125.9
$
126.2
Net Investment Gain (Loss)
($ millions)
Three months ended December 31
Twelve months ended December 31
2019
2018
2019
2018
Investment gain (loss), net:
Fixed maturities:
Realized gains on sales of securities
$
0.7
$
0.3
$
3.5
$
2.0
Net gains on fixed maturities
0.7
0.3
3.5
2.0
Equity securities:
Realized gains (losses) on sales of securities, net
0.7
0.3
(1.8
)
5.7
Unrealized gain (loss) on securities still held, net
17.5
(62.5
)
63.9
(49.7
)
Net gain (loss) on equity securities
18.2
(62.2
)
62.1
(44.0
)
Other invested assets:
Unrealized gain (loss) on securities still held, net
5.1
(6.0
)
9.9
(7.7
)
Net gain (loss) on other invested assets
5.1
(6.0
)
9.9
(7.7
)
Other net realized loss
—
—
(1.3
)
—
Net gain (loss) on investments
$
24.0
$
(67.9
)
$
74.2
$
(49.7
)
Income Taxes
($ in millions)
unaudited
The following table sets forth the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities:
December 31
2019
2018
Deferred tax assets:
Unearned premiums not currently deductible
$
27.0
$
24.3
Losses and loss expenses payable discounting
10.6
11.2
Postretirement and pension benefits
20.0
21.4
Investments
—
8.9
Other liabilities
13.4
14.8
Net operating loss carryforward
12.1
15.1
Tax credit carryforwards
2.5
2.7
Other
1.1
0.8
Total deferred tax assets
86.7
99.2
Deferred tax liabilities:
Deferral of policy acquisition costs
23.3
21.4
Investments
21.2
—
Total deferred tax liabilities
44.5
21.4
Net deferred federal income taxes
$
42.2
$
77.8
($ in millions)
Three months ended December 31, 2019
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
99.7
$
84.6
$
12.9
$
197.2
Net earned premiums
106.2
79.8
10.7
196.7
Losses and LAE incurred:
Cat loss and ALAE
0.6
12.3
1.0
13.9
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
0.3
(0.2
)
(0.2
)
(0.1
)
Current accident year non-cat loss and ALAE
77.0
32.3
3.4
112.7
Total non-cat loss and ALAE
77.3
32.1
3.2
112.6
Total Loss and ALAE
77.9
44.4
4.2
126.5
ULAE
7.9
4.8
0.3
13.0
Total Loss and LAE
85.8
49.2
4.5
139.5
Underwriting expenses
33.2
27.7
4.1
65.0
Net underwriting (loss) gain
$
(12.8
)
$
2.9
$
2.1
$
(7.8
)
Cat loss and ALAE ratio
0.6
%
15.5
%
8.6
%
7.1
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
0.3
%
(0.4
)%
(1.7
)%
(0.1
)%
Current accident year non-cat loss and ALAE ratio
72.6
%
40.5
%
32.0
%
57.3
%
Total non-cat loss and ALAE ratio
72.9
%
40.1
%
30.3
%
57.2
%
Total Loss and ALAE ratio
73.5
%
55.6
%
38.9
%
64.3
%
ULAE ratio
7.4
%
6.1
%
2.7
%
6.7
%
Total Loss and LAE ratio
80.9
%
61.7
%
41.6
%
71.0
%
Expense ratio
33.2
%
32.7
%
32.1
%
32.9
%
Combined ratio
114.1
%
94.4
%
73.7
%
103.9
%
($ in millions)
Three months ended December 31, 2018
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
106.0
$
70.1
$
8.5
$
184.6
Net earned premiums
105.9
66.8
7.0
179.7
Losses and LAE incurred:
Cat loss and ALAE
0.1
3.2
0.3
3.6
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(5.9
)
(0.1
)
—
(6.0
)
Current accident year non-cat loss and ALAE
72.2
24.7
4.2
101.1
Total non-cat loss and ALAE
66.3
24.6
4.2
95.1
Total Loss and ALAE
66.4
27.8
4.5
98.7
ULAE
7.2
3.7
0.2
11.1
Total Loss and LAE
73.6
31.5
4.7
109.8
Underwriting expenses
33.2
25.7
3.1
62.0
Net underwriting (loss) gain
$
(0.9
)
$
9.6
$
(0.8
)
$
7.9
Cat loss and ALAE ratio
0.1
%
4.8
%
5.5
%
2.0
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(5.6
)%
(0.2
)%
0.2
%
(3.3
)%
Current accident year non-cat loss and ALAE ratio
68.1
%
37.1
%
59.3
%
56.3
%
Total non-cat loss and ALAE ratio
62.5
%
36.9
%
59.5
%
53.0
%
Total Loss and ALAE ratio
62.6
%
41.7
%
65.0
%
55.0
%
ULAE ratio
6.8
%
5.5
%
2.4
%
6.1
%
Total Loss and LAE ratio
69.4
%
47.2
%
67.4
%
61.1
%
Expense ratio
31.3
%
36.7
%
36.4
%
33.6
%
Combined ratio
100.7
%
83.9
%
103.8
%
94.7
%
($ in millions)
Twelve months ended December 31, 2019
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
424.5
$
326.0
$
41.9
$
792.4
Net earned premiums
428.3
295.9
35.0
759.2
Losses and LAE incurred:
Cat loss and ALAE
6.0
60.1
5.0
71.1
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(10.7
)
0.3
(2.1
)
(12.5
)
Current accident year non-cat loss and ALAE
284.8
142.7
16.1
443.6
Total non-cat loss and ALAE
274.1
143.0
14.0
431.1
Total Loss and ALAE
280.1
203.1
19.0
502.2
ULAE
30.1
19.9
1.2
51.2
Total Loss and LAE
310.2
223.0
20.2
553.4
Underwriting expenses
129.9
102.5
13.2
245.6
Net underwriting (loss) gain
$
(11.8
)
$
(29.6
)
$
1.6
$
(39.8
)
Cat loss and ALAE ratio
1.4
%
20.3
%
14.1
%
9.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(2.5
)%
0.1
%
(5.9
)%
(1.7
)%
Current accident year non-cat loss and ALAE ratio
66.5
%
48.2
%
45.9
%
58.5
%
Total non-cat loss and ALAE ratio
64.0
%
48.3
%
40.0
%
56.8
%
Total Loss and ALAE ratio
65.4
%
68.6
%
54.1
%
66.2
%
ULAE ratio
7.0
%
6.8
%
3.4
%
6.7
%
Total Loss and LAE ratio
72.4
%
75.4
%
57.5
%
72.9
%
Expense ratio
30.6
%
31.4
%
31.6
%
31.0
%
Combined ratio
103.0
%
106.8
%
89.1
%
103.9
%
($ in millions)
Twelve months ended December 31, 2018
Personal Auto
Homeowners
Other Personal
Total
Net written premiums
$
424.8
$
273.1
$
28.6
$
726.5
Net earned premiums
402.0
248.8
23.1
673.9
Losses and LAE incurred:
Cat loss and ALAE
4.9
41.3
2.5
48.7
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(24.4
)
(7.3
)
(1.1
)
(32.8
)
Current accident year non-cat loss and ALAE
265.8
106.6
12.2
384.6
Total non-cat loss and ALAE
241.4
99.3
11.1
351.8
Total Loss and ALAE
246.3
140.6
13.6
400.5
ULAE
24.9
16.1
0.8
41.8
Total Loss and LAE
271.2
156.7
14.4
442.3
Underwriting expenses
126.1
91.6
10.6
228.3
Net underwriting gain (loss)
$
4.7
$
0.5
$
(1.9
)
$
3.3
Cat loss and ALAE ratio
1.2
%
16.6
%
11.0
%
7.2
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(6.1
)%
(2.9
)%
(4.9
)%
(4.9
)%
Current accident year non-cat loss and ALAE ratio
66.1
%
42.9
%
52.8
%
57.1
%
Total non-cat loss and ALAE ratio
60.0
%
40.0
%
47.9
%
52.2
%
Total Loss and ALAE ratio
61.2
%
56.6
%
58.9
%
59.4
%
ULAE ratio
6.2
%
6.4
%
3.3
%
6.2
%
Total Loss and LAE ratio
67.4
%
63.0
%
62.2
%
65.6
%
Expense ratio
29.7
%
33.6
%
36.9
%
31.4
%
Combined ratio
97.1
%
96.6
%
99.1
%
97.0
%
SAP Commercial Insurance Segment Results
(unaudited)
($ in millions)
Three months ended December 31, 2019
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
28.1
$
30.4
$
34.1
$
17.9
$
12.6
$
4.5
$
127.6
Net earned premiums
26.1
30.3
36.2
17.9
12.3
4.5
127.3
Losses and LAE incurred:
Cat loss and ALAE
0.1
1.8
2.5
—
(0.1
)
—
4.3
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(1.1
)
(3.4
)
(4.6
)
(7.5
)
(1.1
)
(1.8
)
(19.5
)
Current accident year non-cat loss and ALAE
16.7
12.7
21.3
12.1
5.2
2.6
70.6
Total non-cat loss and ALAE
15.6
9.3
16.7
4.6
4.1
0.8
51.1
Total Loss and ALAE
15.7
11.1
19.2
4.6
4.0
0.8
55.4
ULAE
1.5
0.9
1.3
1.5
0.3
0.2
5.7
Total Loss and LAE
17.2
12.0
20.5
6.1
4.3
1.0
61.1
Underwriting expenses
10.3
11.2
13.8
7.0
5.3
1.6
49.2
Net underwriting (loss) gain
$
(1.4
)
$
7.1
$
1.9
$
4.8
$
2.7
$
1.9
$
17.0
Cat loss and ALAE ratio
0.3
%
5.8
%
7.0
%
—
%
(0.8
)%
—
%
3.4
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(4.1
)%
(11.3
)%
(12.6
)%
(42.5
)%
(8.5
)%
(40.1
)%
(15.3
)%
Current accident year non-cat loss and ALAE ratio
64.2
%
42.1
%
58.6
%
68.0
%
42.1
%
55.8
%
55.4
%
Total non-cat loss and ALAE ratio
60.1
%
30.8
%
46.0
%
25.5
%
33.6
%
15.7
%
40.1
%
Total Loss and ALAE ratio
60.4
%
36.6
%
53.0
%
25.5
%
32.8
%
15.7
%
43.5
%
ULAE ratio
5.5
%
3.0
%
3.7
%
8.3
%
2.5
%
3.3
%
4.4
%
Total Loss and LAE ratio
65.9
%
39.6
%
56.7
%
33.8
%
35.3
%
19.0
%
47.9
%
Expense ratio
36.6
%
37.0
%
40.4
%
38.8
%
42.1
%
38.5
%
38.6
%
Combined ratio
102.5
%
76.6
%
97.1
%
72.6
%
77.4
%
57.5
%
86.5
%
($ in millions)
Three months ended December 31, 2018
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
18.0
$
28.1
$
28.7
$
22.9
$
11.9
$
3.7
$
113.3
Net earned premiums
19.2
29.7
30.1
24.0
11.6
4.0
118.6
Losses and LAE incurred:
Cat loss and ALAE
—
0.9
1.4
—
0.9
0.1
3.3
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(2.7
)
(3.1
)
(5.1
)
(4.9
)
(0.5
)
(1.0
)
(17.3
)
Current accident year non-cat loss and ALAE
12.4
13.5
15.6
13.2
5.0
2.2
61.9
Total non-cat loss and ALAE
9.7
10.4
10.5
8.3
4.5
1.2
44.6
Total Loss and ALAE
9.7
11.3
11.9
8.3
5.4
1.3
47.9
ULAE
1.0
1.4
1.0
1.6
0.5
0.3
5.8
Total Loss and LAE
10.7
12.7
12.9
9.9
5.9
1.6
53.7
Underwriting expenses
9.4
13.2
13.4
7.3
5.6
2.1
51.0
Net underwriting (loss) gain
$
(0.9
)
$
3.8
$
3.8
$
6.8
$
0.1
$
0.3
$
13.9
Cat loss and ALAE ratio
—
%
3.0
%
4.7
%
—
%
7.3
%
3.6
%
2.8
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(14.4
)%
(10.4
)%
(16.9
)%
(20.2
)%
(4.8
)%
(25.0
)%
(14.6
)%
Current accident year non-cat loss and ALAE ratio
64.7
%
45.4
%
51.7
%
55.0
%
43.7
%
55.5
%
52.2
%
Total non-cat loss and ALAE ratio
50.3
%
35.0
%
34.8
%
34.8
%
38.9
%
30.5
%
37.6
%
Total Loss and ALAE ratio
50.3
%
38.0
%
39.5
%
34.8
%
46.2
%
34.1
%
40.4
%
ULAE ratio
5.1
%
4.8
%
3.4
%
6.6
%
4.0
%
6.7
%
4.9
%
Total Loss and LAE ratio
55.4
%
42.8
%
42.9
%
41.4
%
50.2
%
40.8
%
45.3
%
Expense ratio
52.3
%
46.8
%
46.6
%
32.2
%
47.6
%
57.2
%
45.1
%
Combined ratio
107.7
%
89.6
%
89.5
%
73.6
%
97.8
%
98.0
%
90.4
%
($ in millions)
Twelve months ended December 31, 2019
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
109.5
$
122.4
$
149.2
$
76.7
$
50.0
$
18.6
$
526.4
Net earned premiums
91.4
119.2
134.3
78.2
48.5
17.1
488.7
Losses and LAE incurred:
Cat loss and ALAE
0.3
7.9
8.2
—
2.4
—
18.8
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(4.7
)
(15.2
)
(11.8
)
(20.9
)
(3.0
)
(3.2
)
(58.8
)
Current accident year non-cat loss and ALAE
57.9
64.0
83.5
54.4
23.2
10.3
293.3
Total non-cat loss and ALAE
53.2
48.8
71.7
33.5
20.2
7.1
234.5
Total Loss and ALAE
53.5
56.7
79.9
33.5
22.6
7.1
253.3
ULAE
5.7
5.7
6.3
6.9
1.8
0.7
27.1
Total Loss and LAE
59.2
62.4
86.2
40.4
24.4
7.8
280.4
Underwriting expenses
43.9
47.2
59.8
27.2
22.7
7.6
208.4
Net underwriting (loss) gain
$
(11.7
)
$
9.6
$
(11.7
)
$
10.6
$
1.4
$
1.7
$
(0.1
)
Cat loss and ALAE ratio
0.4
%
6.6
%
6.1
%
—
%
4.9
%
—
%
3.9
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(5.1
)%
(12.8
)%
(8.8
)%
(26.8
)%
(6.0
)%
(18.8
)%
(12.0
)%
Current accident year non-cat loss and ALAE ratio
63.3
%
53.8
%
62.2
%
69.7
%
47.8
%
60.1
%
60.0
%
Total non-cat loss and ALAE ratio
58.2
%
41.0
%
53.4
%
42.9
%
41.8
%
41.3
%
48.0
%
Total Loss and ALAE ratio
58.6
%
47.6
%
59.5
%
42.9
%
46.7
%
41.3
%
51.9
%
ULAE ratio
6.2
%
4.8
%
4.7
%
8.8
%
3.7
%
4.1
%
5.5
%
Total Loss and LAE ratio
64.8
%
52.4
%
64.2
%
51.7
%
50.4
%
45.4
%
57.4
%
Expense ratio
40.1
%
38.6
%
40.1
%
35.5
%
45.4
%
40.9
%
39.6
%
Combined ratio
104.9
%
91.0
%
104.3
%
87.2
%
95.8
%
86.3
%
97.0
%
($ in millions)
Twelve months ended December 31, 2018
Commercial Auto
Small Commercial Package
Middle Market Commercial
Workers' Comp
Farm & Ranch
Other Commercial
Total
Net written premiums
$
77.1
$
119.2
$
121.3
$
89.0
$
46.8
$
16.4
$
469.8
Net earned premiums
75.1
120.9
116.8
90.7
45.0
15.8
464.3
Losses and LAE incurred:
Cat loss and ALAE
0.2
10.7
7.2
—
3.3
0.2
21.6
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(8.4
)
(9.6
)
(8.0
)
(13.3
)
(2.7
)
(4.9
)
(46.9
)
Current accident year non-cat loss and ALAE
47.3
68.8
71.5
56.5
22.1
8.2
274.4
Total non-cat loss and ALAE
38.9
59.2
63.5
43.2
19.4
3.3
227.5
Total Loss and ALAE
39.1
69.9
70.7
43.2
22.7
3.5
249.1
ULAE
4.2
6.2
5.6
7.2
1.8
1.1
26.1
Total Loss and LAE
43.3
76.1
76.3
50.4
24.5
4.6
275.2
Underwriting expenses
35.8
53.6
49.5
29.1
21.3
8.2
197.5
Net underwriting (loss) gain
$
(4.0
)
$
(8.8
)
$
(9.0
)
$
11.2
$
(0.8
)
$
3.0
$
(8.4
)
Cat loss and ALAE ratio
0.3
%
8.8
%
6.1
%
—
%
7.3
%
1.4
%
4.6
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(11.2
)%
(7.9
)%
(6.8
)%
(14.7
)%
(6.0
)%
(31.0
)%
(10.1
)%
Current accident year non-cat loss and ALAE ratio
63.0
%
56.9
%
61.2
%
62.3
%
49.2
%
52.3
%
59.1
%
Total non-cat loss and ALAE ratio
51.8
%
49.0
%
54.4
%
47.6
%
43.2
%
21.3
%
49.0
%
Total Loss and ALAE ratio
52.1
%
57.8
%
60.5
%
47.6
%
50.5
%
22.7
%
53.6
%
ULAE ratio
5.6
%
5.1
%
4.8
%
7.9
%
3.9
%
6.8
%
5.6
%
Total Loss and LAE ratio
57.7
%
62.9
%
65.3
%
55.5
%
54.4
%
29.5
%
59.2
%
Expense ratio
46.5
%
44.9
%
40.8
%
32.7
%
45.6
%
50.0
%
42.0
%
Combined ratio
104.2
%
107.8
%
106.1
%
88.2
%
100.0
%
79.5
%
101.2
%
SAP Insurance Segment Results
(unaudited)
($ in millions)
Three months ended December 31, 2019
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
324.8
$
(1.2
)
$
323.6
Net earned premiums
324.0
(1.0
)
323.0
Losses and LAE incurred:
Cat loss and ALAE
18.2
6.6
24.8
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(19.6
)
1.3
(18.3
)
Current accident year non-cat loss and ALAE
183.3
0.3
183.6
Total non-cat loss and ALAE
163.7
1.6
165.3
Total Loss and ALAE
181.9
8.2
190.1
ULAE
18.7
(1.2
)
17.5
Total Loss and LAE
200.6
7.0
207.6
Underwriting expenses
114.2
1.4
115.6
Net underwriting gain (loss)
$
9.2
$
(9.4
)
$
(0.2
)
Cat loss and ALAE ratio
5.6
%
N/M(1)
7.7
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(6.1
)%
N/M
(5.7
)%
Current accident year non-cat loss and ALAE ratio
56.6
%
N/M
56.9
%
Total non-cat loss and ALAE ratio
50.5
%
N/M
51.2
%
Total Loss and ALAE ratio
56.1
%
N/M
58.9
%
ULAE ratio
5.8
%
N/M
5.4
%
Total Loss and LAE ratio
61.9
%
N/M
64.3
%
Expense ratio
35.2
%
N/M
35.7
%
Combined ratio
97.1
%
N/M
100.0
%
(1) N/M = Not Meaningful
($ in millions)
Three months ended December 31, 2018
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
297.9
$
(0.3
)
$
297.6
Net earned premiums
298.3
10.5
308.8
Losses and LAE incurred:
Cat loss and ALAE
6.9
1.2
8.1
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(23.3
)
(1.1
)
(24.4
)
Current accident year non-cat loss and ALAE
163.0
11.2
174.2
Total non-cat loss and ALAE
139.7
10.1
149.8
Total Loss and ALAE
146.6
11.3
157.9
ULAE
16.9
1.0
17.9
Total Loss and LAE
163.5
12.3
175.8
Underwriting expenses
113.0
2.3
115.3
Net underwriting gain (loss)
$
21.8
$
(4.1
)
$
17.7
Cat loss and ALAE ratio
2.3
%
11.5
%
2.6
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(7.8
)%
(10.1
)%
(7.9
)%
Current accident year non-cat loss and ALAE ratio
54.7
%
105.9
%
56.4
%
Total non-cat loss and ALAE ratio
46.9
%
95.8
%
48.5
%
Total Loss and ALAE ratio
49.2
%
107.3
%
51.1
%
ULAE ratio
5.6
%
10.5
%
5.8
%
Total Loss and LAE ratio
54.8
%
117.8
%
56.9
%
Expense ratio
38.0
%
(765.6
)%
38.7
%
Combined ratio
92.8
%
(647.8
)%
95.6
%
($ in millions)
Twelve months ended December 31, 2019
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
1,318.8
$
(0.7
)
$
1,318.1
Net earned premiums
1,247.9
5.1
1,253.0
Losses and LAE incurred:
Cat loss and ALAE
89.9
10.6
100.5
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(71.3
)
(1.1
)
(72.4
)
Current accident year non-cat loss and ALAE
736.9
5.2
742.1
Total non-cat loss and ALAE
665.6
4.1
669.7
Total Loss and ALAE
755.5
14.7
770.2
ULAE
78.3
(2.0
)
76.3
Total Loss and LAE
833.8
12.7
846.5
Underwriting expenses
454.0
3.1
457.1
Net underwriting loss
$
(39.9
)
$
(10.7
)
$
(50.6
)
Cat loss and ALAE ratio
7.2
%
N/M
8.0
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(5.7
)%
N/M
(5.8
)%
Current accident year non-cat loss and ALAE ratio
59.0
%
N/M
59.3
%
Total non-cat loss and ALAE ratio
53.3
%
N/M
53.5
%
Total Loss and ALAE ratio
60.5
%
N/M
61.5
%
ULAE ratio
6.3
%
N/M
6.1
%
Total Loss and LAE ratio
66.8
%
N/M
67.6
%
Expense ratio
34.4
%
N/M
34.7
%
Combined ratio
101.2
%
N/M
102.3
%
($ in millions)
Twelve months ended December 31, 2018
Personal & Commercial
Specialty run-off
Total
Net written premiums
$
1,196.3
$
14.0
$
1,210.3
Net earned premiums
1,138.2
99.8
1,238.0
Losses and LAE incurred:
Cat loss and ALAE
70.3
1.4
71.7
Non-cat loss and ALAE
Prior accident years non-cat loss and ALAE
(79.7
)
3.1
(76.6
)
Current accident year non-cat loss and ALAE
659.0
70.6
729.6
Total non-cat loss and ALAE
579.3
73.7
653.0
Total Loss and ALAE
649.6
75.1
724.7
ULAE
67.9
5.5
73.4
Total Loss and LAE
717.5
80.6
798.1
Underwriting expenses
425.8
18.8
444.6
Net underwriting (loss) gain
$
(5.1
)
$
0.4
$
(4.7
)
Cat loss and ALAE ratio
6.2
%
1.4
%
5.8
%
Non-cat loss and ALAE ratio
Prior accident years non-cat loss and ALAE ratio
(7.0
)%
3.1
%
(6.2
)%
Current accident year non-cat loss and ALAE ratio
57.9
%
70.8
%
58.9
%
Total non-cat loss and ALAE ratio
50.9
%
73.9
%
52.7
%
Total Loss and ALAE ratio
57.1
%
75.3
%
58.5
%
ULAE ratio
5.9
%
5.5
%
6.0
%
Total Loss and LAE ratio
63.0
%
80.8
%
64.5
%
Expense ratio
35.6
%
133.7
%
36.7
%
Combined ratio
98.6
%
214.5
%
101.2
%
The following table provides a reconciliation of our statutory underwriting results to GAAP consolidated income before federal income taxes for the fourth quarters and years ended December 31, 2019 and 2018:
($ millions)
4Q 2019
4Q 2018
YTD 2019
YTD 2018
Segment income (loss) before federal income taxes:
Insurance operations:
Personal insurance SAP underwriting (loss) gain
$
(7.8
)
$
7.9
$
(39.8
)
$
3.3
Commercial insurance SAP underwriting gain (loss)
17.0
13.9
(0.1
)
(8.4
)
Specialty run-off
(9.4
)
(4.1
)
(10.7
)
0.4
Total insurance operations
(0.2
)
17.7
(50.6
)
(4.7
)
Investment operations:
Net investment income
20.0
22.7
80.4
84.9
Net investment gain (loss)
24.0
(67.9
)
74.2
(49.7
)
Total investment operations
44.0
(45.2
)
154.6
35.2
All other segments income
0.1
0.1
0.3
0.4
Reconciling items:
GAAP adjustments
(2.6
)
(1.1
)
14.7
(3.7
)
Interest expense on corporate debt
(1.2
)
(1.2
)
(4.9
)
(5.7
)
Corporate expenses
0.2
(2.8
)
(7.1
)
(8.6
)
Total reconciling items
(3.6
)
(5.1
)
2.7
(18.0
)
Total consolidated income (loss) before federal income taxes
$
40.3
$
(32.5
)
$
107.0
$
12.9
View source version on businesswire.com: https://www.businesswire.com/news/home/20200220005099/en/
Media contact: Kyle Anderson, Kyle.Anderson@StateAuto.com, 614-917-5497 Investor contact: Natalie Schoolcraft, Natalie.Schoolcraft@StateAuto.com, 614-917-4341
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